Tag: commercial real estate

Mattoni zeroes in on multifamily projects in West Miami

Mattoni Group, a Miami-based real estate investment firm, is planning to deliver the first of its three planned multifamily projects in West Miami, The Real Deal has learned.

Soleste West Gables, at 2101 Ludlam Road, will be opening Sept. 1, Ricardo Caporal, founder and president of Mattoni Group, told TRD.

The project will have 206 apartments, with an average of 937 square feet for each unit. Rental rates will range from $1,525 to $2,760.

Mattoni is also planning two additional multifamily buildings: Soleste Prado, which will open in the early fall of 2016; and Soleste West Gables 2, which will open in the spring or summer of 2017.

The firm is partnering with Estate Investments Group and Fortune Capital Partners for all three projects.

Soleste Prado, at 950 Southwest 57th Avenue in West Miami, will have 194 apartments, with an average of 858 square feet. Prices are not yet available, Caporal said.

Soleste West Gables 2, at 2200 Ludlam Road in West Miami, will have 200 apartments, with an average of 877 square feet. Prices for that project are also not yet available.

The architect for all three buildings is Caymart Design. Each is ground-up construction, Caporal said.

The partners bought all the sites as distressed properties, he told TRD. The properties were purchased for an average price of about $6 million each, he said.

Caporal said he expects prospective tenants of the multifamily buildings to be young professionals and working families: “People who want a great product that is near Coral Gables, but don’t want to pay that [Coral Gables] price,” he said.

Mattoni Group, a private equity firm, has focused on multifamily projects from Florida to North Carolina, and plans to invest in hotels in the Caribbean, Caporal said. The company recently launched another multifamily project in Brandon, Florida.

Early this year, Mattoni bought the ground floor retail space, totaling 11,000 square feet, at 1010 Brickell Avenue, and is planning to lease it out to as many as three tenants, with asking rents from $100 per square foot to $150 per square foot. The 50-story condominium with 387 units, under development by 13th Floor Investments and Key International, is expected to be completed in 2017.

Unlike many other real estate firms, Mattoni has not developed condominiums.

“There’s more flexibility and optionality with multifamily: you can build it, sell it, refinance it, rent it.” Even in troubled economic times, “you can lower rents but still rent it.” Caporal said. “For us, it’s more about steady growth.”

Mattoni zeroes in on multifamily project

 

Mattoni Group buys retail space at 1010 Brickell

Miami-based real estate investment firm Mattoni Group said it has acquired all the street-level retail space at 1010 Brickell, which is being developed by 13th Floor Investments and Key International Development.Mattoni Group purchased more than 11,000 square feet of space on the ground floor of the Brickell Avenue condominium tower, which will have 50 floors and 387 units. Mattoni Group said it plans to lease the spaces to major retailers, with an asking Rendering of 1010 Brickell rental rate of $100 to $150 per square foot. The property is scheduled to be completed in fall 2017.Brokers Fernando Naranjo, president of The Orange Group, Real Estate Corp. and Lucio M. Rodrigues, of AG Real Estate Advisors, represented Mattoni Group in the deal.1010 Brickell is positioned to have accessibility to the Tenth Street Metromover station on the Brickell Loop in Brickell. It is also in walking distance to Brickell’s main attractions & restaurants at The Shops at Mary Brickell Village and the future Brickell City Centre.In November, the developers obtained a $76 million syndicated construction loan, led by Regions Bank, for the project. Construction began in September for the building, designed by the Sieger Suarez Architectural Partnership.“Since Brickell is a growing metropolitan residential community,” Ricardo Caporal, founder and president of Mattoni Group, said in a statement, “the area has a high density of residents, making it a desirable location for retailers.”
Tags: 1010 Brickell, 13th Floor Investments, Key International Development, Mattoni Group– See more at: http://therealdeal.com/miami/blog/2015/02/17/miami-real-estate-firm-buys-retail-space-at-1010-brickell/#sthash.2X0Sokvq.dpuf

Mattoni Group buys ground floor retail at 1010 Brickell

Miami-based real estate investment firm Mattoni Group has acquired all of the ground floor retail space at 1010 Brickell, which is being developed jointly by 13th Floor Investments and Key International Development. Mattoni’s purchase amounts to more than 11,000 square feet of space in the condominium tower which will feature 387 units over 50 floors. The company is expected to charge $100 to $150 per square foot for the retail space which it plans to lease to major retailers. 1010 Brickell is scheduled for completion in the fall of 2017.